Mark Douglas defines the 5 fundamental truths of trading in his book, Trading in the Zone.
Anything can happen.
You don’t need to know what is going to happen next in order to make money.
There is a random distribution between wins and losses for any given set of variables that define an edge.
An edge is nothing more than an indication of a higher probability of one thing happening over another.
Every moment in the market is unique.
Market wizard, Mark Weinstein wrote: When I trade at home, I often watch sparrows in my garden. When I feed them bread, they just take a little piece at a time and fly away. They keep flying back and forth, taking smallbits of bread, that is the way I daytrade.
These statements boil down to us the real secret to making money in the markets. That is if you are in this to make money and not for the fun or imagined sport of daytrading. Here is the secret. When the market gives you money, take it! Take little bites of the pie, and you would be surprised how quickly they add up. Like the golf saying,” drive for show, putt for dough”. We trade for dough.
regards
Saji
Anything can happen.
You don’t need to know what is going to happen next in order to make money.
There is a random distribution between wins and losses for any given set of variables that define an edge.
An edge is nothing more than an indication of a higher probability of one thing happening over another.
Every moment in the market is unique.
Market wizard, Mark Weinstein wrote: When I trade at home, I often watch sparrows in my garden. When I feed them bread, they just take a little piece at a time and fly away. They keep flying back and forth, taking smallbits of bread, that is the way I daytrade.
These statements boil down to us the real secret to making money in the markets. That is if you are in this to make money and not for the fun or imagined sport of daytrading. Here is the secret. When the market gives you money, take it! Take little bites of the pie, and you would be surprised how quickly they add up. Like the golf saying,” drive for show, putt for dough”. We trade for dough.
regards
Saji